SOLV Energy aims for $5 billion valuation at US IPO
SOLV Energy, a solar and battery storage company, said Friday that it aims to achieve a valuation up to $4.99 Billion in its initial public offering in the United States.
The San Diego-based company plans to raise up to $512.5 millions by selling 20.5 million shares at a price between $22 and 25 cents each.
The IPO market in the United States has recovered after last year's historic U.S. shutdown, which slowed down the Securities and Exchange Commission and stifled the deal flow. PicPay, a Brazilian fintech company, and York Space Systems went public on Thursday. Both companies attracted a lot of interest during the early trading. SOLV Energy offers construction, maintenance and?operation services for large-scale battery and solar storage projects.
Investors are increasingly focused on the resilience of supply chains and manufacturing companies. Government incentives to boost domestic production have boosted interest in public markets. SOLV Energy anticipates revenues of $2.46 to $2.50 Billion in 2025. This is an increase of 33% to 35 % from the previous year. The net income is expected to be between $148.2 and $155.7 million compared to roughly $10 million for 2024. The business was founded in 2008 under the name Swinerton Renewable Energy and operated initially as a Swinerton Builders division. American Securities, a private equity firm, acquired the company, along with SOLV in December 2021 and rebranded it to SOLV Energy.
SOLV Energy plans to use the majority of the proceeds from the sale to pay off about 402 million dollars in term loans and use the rest for corporate purposes including growth initiatives and acquisitions.
As of December 2025 it had a backlog of $8.0 billion, primarily due to engineering and construction projects.
Jefferies and J.P. Morgan will be the joint book-running managers of the offering.
SOLV Energy is slated to list on Nasdaq with the symbol "MWH."
(source: Reuters)
